雅各布工程 (J) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs Solution third quarter 2024 earnings conference call and webcast. (Operator Instructions)

謝謝你的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Jacobs Solution 2024 年第三季財報電話會議和網路廣播。 （操作員說明）

Thank you. I will now turn the conference over to Ayan Banerjee, Senior Vice President of Investor Relations and Finance. Ayan, you may begin your conference.

謝謝。我現在將會議交給投資者關係和財務高級副總裁 Ayan Banerjee。阿揚，你可以開始你的會議了。

Thank you. Good morning. Our earnings announcement was filed this morning, and we have posted a slide presentation on our website, which we will refer during the call. I would like to refer you to slide 2 of the presentation material for information about our forward-looking statements, non-GAAP financial measures and operating metrics.

謝謝。早安.我們的收益公告已於今天早上提交，我們已在網站上發布了幻燈片演示，我們將在電話會議期間參考。我想請您參閱簡報資料的幻燈片 2，以了解有關我們的前瞻性陳述、非 GAAP 財務指標和營運指標的資訊。

Turning to the agenda on slide 3, speaking on today's call will be Jacobs' CEO, Bob Pragada; Special Advisor to the CEO, Kevin Berryman, as well as our new CFO, Venk Nathamuni. Bob will begin by providing an overview of recent activities and then summarizing highlights from our third quarter results.

轉向幻燈片 3 上的議程，Jacobs 的首席執行官 Bob Pragada 將在今天的電話會議上發言。執行長 Kevin Berryman 以及新任財務長 Venk Nathamuni 的特別顧問。鮑伯將首先概述最近的活動，然後總結我們第三季業績的亮點。

Kevin will provide a more in-depth discussion of our financial metrics. Venk will then provide a review of our balance sheet and cash flow and provide comments around our guidance and Investor Day. Finally, Bob will provide closing remarks, and then we will open up the call for your questions.

凱文將對我們的財務指標進行更深入的討論。然後，Venk 將對我們的資產負債表和現金流進行審查，並就我們的指導和投資者日提供評論。最後，鮑伯將發表結束語，然後我們將開始電話詢問您的問題。

With that, I will turn it over to CEO, Bob Iger.

接下來，我會將其交給執行長鮑勃·艾格 (Bob Iger)。

Thank you, Ayan. Good day, everyone, and thank you for joining us to discuss our third quarter fiscal year 2024 business performance. I'm joined today by my Special Adviser, Kevin Berryman, who acted as Interim CFO into June and will therefore, report our financials.

謝謝你，阿揚。大家好，感謝您與我們一起討論我們 2024 財年第三季的業務表現。今天我的特別顧問 Kevin Berryman 也加入了我的行列，他擔任 6 月份的臨時首席財務官，因此將報告我們的財務狀況。

I'm delighted to also welcome our new CFO, Venk Nathamuni on his first earnings call for Jacobs. Venk joined us in June and will provide details on guidance. Venk brings a wealth of knowledge and expertise from his 30 plus year career and I am excited to work in partnership with him moving forward.

我也很高興歡迎我們的新任財務長 Venk Nathamuni 參加 Jacobs 的首次財報電話會議。 Venk 於 6 月加入我們，並將提供有關指導的詳細資訊。 Venk 從他 30 多年的職業生涯中積累了豐富的知識和專業知識，我很高興能與他合作前進。

Kevin will continue in his role as Special Advisor to me to drive a successful conclusion to the separation and merger of our Critical Mission Solutions and Cyber Intelligence businesses with momentum. I'd like to extend my gratitude for Kevin for the ongoing support.

凱文將繼續擔任我的特別顧問，推動我們的關鍵任務解決方案和網路情報業務的分離和合併取得成功。我要對凱文的持續支持表示感謝。

Now moving to slide 4. We continue to make progress on our strategic shift toward a simpler, higher value, higher margin portfolio and remain confident in driving margin expansion over the coming year. Turning to slide 5, I am pleased to report significant progress on the previously announced planned spinoff of our Critical Mission Solutions and Cyber Intelligence businesses.

現在轉到投影片 4。轉向投影片 5，我很高興地報告先前宣布的關鍵任務解決方案和網路情報業務計劃分拆取得的重大進展。

An updated Form 10 was publicly filed yesterday with the US Securities and Exchange Commission. This filing made under Amazon Holdco Inc. includes important business and financial information about the intended merger with momentum to create a leading publicly traded global government services provider.

昨天，更新後的表格 10 已向美國證券交易委員會公開提交。亞馬遜控股公司 (Amazon Holdco Inc.) 提交的這份文件包含有關擬合並的重要業務和財務信息，該合併旨在創建一家領先的公開交易的全球政府服務提供商。

A momentum, we'll provide additional details during their Capital Markets Day on Tuesday, August 13, 2024. The transaction is now anticipated to be completed in the second half of September 2024. Turning to slide 6 in Q3, I will now share our third quarter achievements, highlighted by strong backlog growth, consolidated margin expansion and P&PS record backlog and strong adjusted operating margin.

勢頭強勁，我們將在2024 年8 月13 日星期二的資本市場日期間提供更多詳細信息。分享我們的第三季度的成就，突出表現在積壓訂單的強勁增長、綜合利潤率的擴張以及 P&PS 創紀錄的積壓訂單和強勁的調整後營業利潤率。

This period saw a continuation of a mix shift to higher margin, science-based consulting and advisory services that offer significantly higher returns contributing to an overall margin expansion, notably led by P&PS and our partnership with PA Consulting.

這段時期繼續出現了向更高利潤率、基於科學的諮詢和諮詢服務的混合轉變，這些服務提供了顯著更高的回報，有助於整體利潤率的擴張，特別是在P&PS 以及我們與PA Consulting 的合作夥伴關係的引領下。

We are seeing an accelerating demand for its critical infrastructure, particularly in water, environmental and advanced facilities end markets, which are poised for substantial growth. Consolidated backlog increased 6% year over year, bolstering confidence that our business will accelerate profitable growth as we strategically shift our portfolio to higher-value, higher-margin solutions.

我們看到對其關鍵基礎設施的需求不斷增長，特別是在水、環境和先進設施終端市場，這些市場預計將大幅成長。合併積壓訂單年增 6%，增強了我們的信心，隨著我們策略性地將產品組合轉向更高價值、更高利潤的解決方案，我們的業務將加速獲利成長。

Our consolidated adjusted EBITDA came in at $392 million, an increase of approximately 11% compared to same period last year and representing 11.5% adjusted EBITDA margin. From a cash perspective, we started the second half of the year by delivering very strong operating cash flow of $483 million and free cash flow of $445 million.

我們的綜合調整後 EBITDA 為 3.92 億美元，與去年同期相比成長約 11%，調整後 EBITDA 利潤率為 11.5%。從現金角度來看，我們在下半年開始實現了 4.83 億美元的強勁營運現金流和 4.45 億美元的自由現金流。

We continue to expect exceeding 100% reported free cash flow conversion in fiscal year 2024, underscoring the power of our business model. Turning to slide 7, people and places solutions line of business reported another solid top line growth, along with strong adjusted operating margins of 15.3% and adjusted operating profit growth of 12% year on year.

我們仍預期 2024 財年報告的自由現金流轉換率將超過 100%，這凸顯了我們商業模式的力量。轉向投影片 7，人員和場所解決方案業務線報告了另一項穩健的營收成長，調整後營業利潤率強勁，達 15.3%，調整後營業利潤同比增長 12%。

We ended Q3 with a strong book-to-bill of 1.53 times and record backlog. Adjusted net revenue was up 5% year over year. Our pipeline remains robust, and we continue to expect P&PS solid P&PS organic revenue growth for Q4 fiscal year '24.

我們在第三季結束時實現了 1.53 倍的強勁訂單出貨比和創紀錄的積壓訂單。調整後淨收入年增 5%。我們的產品線仍然強勁，我們繼續預計 24 財年第四季 P&PS 有機收入將穩健成長。

I'm particularly pleased to report that during the quarter, we continued to deliver substantial wins in core sectors such as water, environmental and advanced facilities. A testament to our robust market positioning, deep domain expertise and long-term trusted client relationships.

我特別高興地報告，在本季度，我們繼續在水、環境和先進設施等核心領域取得了重大勝利。這證明了我們穩健的市場定位、深厚的領域專業知識和長期值得信賴的客戶關係。

We achieved double digit growth in our water and environmental markets with two-thirds of our water related business, focusing on high-value, science-based consulting and advisory services driven by aging infrastructure and emerging PFAS regulations.

我們的水和環境市場實現了兩位數的成長，三分之二的水相關業務專注於由老化的基礎設施和新興的 PFAS 法規推動的高價值、基於科學的諮詢和顧問服務。

Water continues to be a foundational element of our portfolio, exemplified by key wins across various geographies, reinforcing our global leadership in the sector. Europe, particularly the UK has shown resilience, posting a robust quarter in water related to award.

水仍然是我們產品組合的基礎要素，在不同地區的重大勝利就是例證，鞏固了我們在該領域的全球領導地位。歐洲，尤其是英國表現出了韌性，在與獎項相關的水領域發布了強勁的季度業績。

In Asia, we were appointed by PUB Singapore's national water agency to engineer and program manage the nuclear energy water reclamation plant designed to enhance Northern Singapore's water treatment capacity by 120 million imperial gallons per day.

在亞洲，我們被新加坡公用事業局 (PUB) 國家水務機構任命為核能水回收廠的設計和規劃管理人員，旨在將新加坡北部的水處理能力提高 1.2 億英制加侖/天。

Additionally, our partnership with Onondaga County, the Syracuse metropolitan area in central New York, which began in 2008, continues as they've chosen us to provide program management services for their efforts in controlling increased combined sewer overflow and utilizes our digital one water solutions.

此外，我們與紐約州中部錫拉丘茲大都會區奧農達加縣的合作夥伴關係自2008 年開始一直持續下去，因為他們選擇我們為其提供專案管理服務，以控制合併下水道溢流的增加，並利用我們的數位化水解決方案。

This expansion will be critical in remediating aging water infrastructure and supporting industrial growth in the geography. We're excited by the continued momentum in pipeline build in our advanced facilities portfolio, predominantly driven by life sciences, semiconductor manufacturing and AI chip driven data center expansion.

此次擴建對於修復老化的水利基礎設施和支持該地區的工業成長至關重要。我們對先進設施組合管道建設的持續勢頭感到興奮，這主要是由生命科學、半導體製造和人工智慧晶片驅動的數據中心擴張所推動的。

Specifically in life sciences, we continue to see robust growth with our pipeline and revenue growing double digits year over year. Approximately two-thirds of our life sciences related business is concentrated in high-value science based consulting and advisory services.

特別是在生命科學領域，我們繼續看到強勁的成長，我們的產品線和收入同比增長兩位數。我們大約三分之二的生命科學相關業務集中在高價值的基於科學的諮詢和顧問服務。

We were selected by FUJIFILM Diosynth Biotechnologies to support the 1.2 billion expansion of their large-scale biologics facility biologics manufacturing site in Holly Springs, North Carolina, providing engineering procurement and program management services with the first phase of construction expected to complete in 2025.

我們被FUJIFILM Diosynth Biotechnologies 選擇支持其位於北卡羅來納州霍利斯普林斯的大型生物製劑工廠生物製劑生產基地耗資12 億美元的擴建，提供工程採購和專案管理服務，第一階段建設預計將於2025年完成。

We continue to see a growing pipeline in transportation and energy empowers supported by ongoing government stimulus. As an example, in transportation, we were selected to provide program management services for Broward County transportation departments, first-ever public transit expansion.

我們繼續看到，在政府持續刺激措施的支持下，交通和能源領域的管道不斷增加。例如，在交通領域，我們被選中為布勞沃德縣交通部門提供專案管理服務，這是有史以​​來第一次公共交通擴建。

This $4.4 billion 30-year initiative will transform the county's transportation infrastructure into a multimodal transit system with a new light rail connecting Fort Lauderdale–Hollywood International Airport to Port Everglades.

這項耗資44 億美元、為期30 年的計劃將把該縣的交通基礎設施轉變為多式聯運交通系統，並通過一條新的輕軌連接勞德代爾堡- 好萊塢國際機場和埃弗格雷茲港。

Additionally, the quarter was highlighted by several key wins in the energy and sustainability space as demonstrated by our appointment as program manager for the arches hydrogen consortium and master services agreement with Shell Energy in Australia.

此外，本季在能源和永續發展領域取得了幾項重大勝利，這從我們被任命為 arches 氫聯盟專案經理以及與澳洲殼牌能源公司簽訂的主服務協議中可以看出。

PA Consulting delivered an industry leading adjusted operating margin of 21.8% with robust execution and cost discipline. Our partnership with PA continues to be a differentiator in our science-based consulting and advisory services, together with PA, we were selected in the Hartford County UK to enhance the public highways network and accounting with services valued at approximately $22 million annually.

PA Consulting 憑藉強大的執行力和成本控制，實現了業界領先的調整後營運利潤率 21.8%。我們與PA 的合作夥伴關係仍然是我們基於科學的諮詢和諮詢服務的差異化因素，我們與PA 一起被英國哈特福德縣選中，以每年價值約2200 萬美元的服務來增強公共高速公路網絡和會計。

This collaboration focuses on sustainability and aim to deliver long-term value over an initial 5-year period with potential extensions up to 14 years. In divergent solutions, we are encouraged by the ongoing demand for our digitally enabled infrastructure solutions that will remain with independent Jacobs post-close.

此次合作重點在於永續發展，旨在在最初 5 年期間提供長期價值，並有可能延長至 14 年。在不同的解決方案中，我們對數位基礎設施解決方案的持續需求感到鼓舞，這些解決方案將在交易結束後保留在獨立的 Jacobs 手中。

A testament to our capabilities is our recent selection by the city of Omaha to develop a data analytics and AI enabled support system for its wastewater network utilizing Jacobs' digital one water solutions Aqua DNA.

奧馬哈市最近選擇我們利用 Jacobs 的數位化水解決方案 Aqua DNA 為其廢水網絡開發數據分析和人工智慧支援系統，證明了我們的能力。

CMS delivered 35 basis points of margin expansion, the highest in 10 quarters and has a strong pipeline. Additionally, we're experiencing encouraging trends that will support long-term growth as we approach the merger with momentum.

康哲藥業的利潤率擴大了 35 個基點，為 10 個季度以來的最高水平，並且擁有強大的管道。此外，隨著我們以強勁的勢頭進行合併，我們正在經歷令人鼓舞的趨勢，這些趨勢將支持長期成長。

In summary, we remain confident in our ability to win higher value, higher margin solutions and deliver superior execution to meet our clients' expectations.

總而言之，我們仍然有信心贏得更高價值、更高利潤的解決方案，並提供卓越的執行力來滿足客戶的期望。

Now I'll turn the call over to Kevin to review our financial results in further detail.

現在我將把電話轉給凱文，以進一步詳細審查我們的財務表現。

Thank you, Bob. We are pleased with our Q3 results leading to another solid quarter. Let me begin by summarizing a few of the highlights for the quarter on slide 8. Third quarter gross revenue grew 1% year over year, and adjusted net revenue also grew 1%.

謝謝你，鮑伯。我們對第三季的業績感到滿意，這為我們帶來了另一個穩健的季度。首先讓我在投影片 8 上總結本季的一些亮點。

GAAP operating profit was $260 million for the quarter and included $53 million of amortization from acquired intangibles and $73 million of transaction restructuring and other costs, including $62 million associated with the separation transaction.

該季度 GAAP 營業利潤為 2.6 億美元，其中包括 5,300 萬美元的無形資產攤銷以及 7,300 萬美元的交易重組和其他成本，其中包括與分拆交易相關的 6,200 萬美元。

We now expect our total restructuring cost to be approximately $300 million for the fiscal year, materially driven by higher separation transaction costs associated with our anticipated close now targeted during the second half of September 2024.

我們現在預計本財年的重組總成本約為 3 億美元，這主要是由於我們預計在 2024 年 9 月下半月完成交易而導致的分離交易成本上升。

Our adjusted operating margin was again, a strong 11.3%. I'll discuss the underlying dynamics during the reporting segment review. GAAP EPS from continuing operations was $1.17 per share and included $0.31 impact related to the amortization charge of acquired intangibles and $0.49 from transaction restructuring and other related costs, which again were materially driven by the separation transaction.

調整後的營業利益率再次高達 11.3%。我將在報告分部審查期間討論潛在的動態。持續經營業務的GAAP 每股收益為1.17 美元，其中包括與收購的無形資產攤銷費用相關的0.31 美元影響，以及交易重組和其他相關成本的0.49 美元影響，這些成本同樣是由分拆交易造成的。

Excluding these items third quarter adjusted EPS was $1.96, marking an 11% increase compared to the previous year. Q3 adjusted EBITDA was $392 million and was up 11% year over year representing an 11.5% adjusted EBITDA margin. Finally, consolidated backlog was up 6% year over year, and the revenue book-to-bill ratio was 1.29 times with our gross profit and backlog increasing 5.5% year over year.

不計這些項目，第三季調整後每股收益為 1.96 美元，較上年增長 11%。第三季調整後 EBITDA 為 3.92 億美元，年增 11%，調整後 EBITDA 利潤率為 11.5%。最後，綜合在手訂單年增6%，營收訂單出貨比為1.29倍，毛利與在手訂單較去年同期成長5.5%。

Regarding the performance of our lines of business in the quarter, let's turn to slide 9, starting with People & Places Solutions. Q3 adjusted net revenue was up 5% year over year, with adjusted operating profit up 12%. Our mix shift mentioned earlier resulted in higher margins on lower revenue growth.

關於本季我們業務線的表現，讓我們轉向投影片 9，從人員與場所解決方案開始。第三季調整後淨收入年增 5%，調整後營業利潤成長 12%。我們前面提到的組合轉變導致收入成長較低但利潤率較高。

Adjusted operating margin of 15.3% was up 95 basis points year over year. Our backlog grew by 10% year over year, while gross profit and backlog grew 9%. This quarter's critical wins underscore our strength in water, environmental and advanced facilities, reinforcing our leadership position in these key markets these wins translated into a book-to-bill of 1.53 times and a record backlog, as previously mentioned by Bob.

調整後營業利益率為 15.3%，較去年同期成長 95 個基點。我們的積壓訂單年增 10%，而毛利和積壓訂單成長 9%。本季的關鍵勝利凸顯了我們在水、環境和先進設施方面的實力，鞏固了我們在這些關鍵市場的領導地位，這些勝利轉化為1.53 倍的訂單出貨比和創紀錄的積壓訂單，正如鮑勃之前提到的。

Moving to Critical Mission Solutions, our Q3 revenue decreased 3% year over year, while backlog was up 4%. Excluding the announced contract loss mentioned in the prior quarter, our revenue would have been up slightly year over year.

轉向關鍵任務解決方案，我們第三季的營收年減 3%，而積壓訂單增加了 4%。排除上一季提到的已公佈的合約損失，我們的收入將比去年同期略有增長。

Our adjusted operating profit was up 1.2% year over year, while CMS adjusted operating margin rose by approximately 35 basis points year over year 8.7%, the highest margin in 10 quarters as the business continues to drive operational improvements and margin enhancing client facing projects.

我們的調整後營業利潤年增1.2%，而CMS 調整後營業利潤率年增約35 個基點，達到8.7%，這是10 個季度以來的最高利潤率，因為該業務繼續推動營運改善和提高方面客戶的項目的利潤率。

Shifting to divergent solutions, Q3 saw an 11% year over year dip in adjusted net revenue and a 40% year-over-year decrease in adjusted operating profit driven by a onetime year to date, government rate adjustment and the space-based IRS are program delays that were mentioned in the prior quarter.

轉向不同的解決方案，第三季調整後淨收入年減 11%，調整後營業利潤年減 40%，原因是年初至今一次性、政府利率調整和太空 IRS 的影響。延遲。

Despite the strategic shift and funding with the DoD, we continue to see positive momentum in our space-based ISR technology adoption leading to pipeline build and expected future backlog growth.

儘管發生了戰略轉變並獲得了國防部的資助，但我們仍然看到天基 ISR 技術採用的積極勢頭，導致管道建設和預期未來積壓的增長。

Now let's turn our attention to PA Consulting. Q3 saw a modest increase in year-over-year revenue. However, PA delivered a strong adjusted operating margin of 21.8%, reflecting a 60 basis points improvement from the previous year.

現在讓我們把注意力轉向PA Consulting。第三季營收年減。然而，PA 的調整後營業利潤率為 21.8%，比前一年提高了 60 個基點。

A margin results this quarter exceeded our expectations and reinforces our confidence in sustaining a strong margin profile as we continue to expect 20%-plus margins in Q4. Backlog increased 4% year over year, and we expect improved growth as we enter fiscal year 2025. Our adjusted unallocated corporate costs were $61 million in Q3, and we continue to make progress on simplifying and optimizing our operating model to drive costs down.

本季的利潤率結果超出了我們的預期，並增強了我們維持強勁利潤率的信心，因為我們繼續預計第四季度的利潤率將超過 20%。積壓訂單年增4%，我們預計隨著進入2025 財年，成長將有所改善。降低成本方面取得進展。

Finally, I am very excited to welcome back to the team. We've been working together closely and we have made great progress on ensuring a smooth transition.

最後，我非常高興地歡迎回到團隊。我們一直密切合作，在確保平穩過渡方面取得了巨大進展。

With that, I'll turn the call over to Venk.

這樣，我會將電話轉給 Venk。

Thank you, Kevin. Let me begin by saying I'm very excited to be part of the Jacobs team and especially thanks to Kevin for his partnership and support. I now provide a quick overview of our balance sheet and cash flow metrics, followed by consolidated full year guidance.

謝謝你，凱文。首先我要說的是，我很高興能成為 Jacobs 團隊的一員，特別感謝 Kevin 的合作與支持。我現在快速概述我們的資產負債表和現金流量指標，然後是綜合全年指導。

Turning to slide 10, we posted a strong quarter of cash flow generation, which is indicative of the quality of our earnings and cash conversion. We generated strong quarterly free cash flow of $445 million year to date, our free cash flow conversion was well above 100%, leading to a full year expectation of greater than 100%.

轉向幻燈片 10，我們發布了強勁的季度現金流生成，這表明了我們的盈利和現金轉換的品質。年初至今，我們產生了 4.45 億美元的強勁季度自由現金流，我們的自由現金流轉換率遠高於 100%，導致全年預期高於 100%。

Starting capital allocation, we opportunistically repurchased $151 million of shares during the quarter, which just up $55 million compared to Q2, reflecting our commitment to delivering consistent return of capital to our shareholders.

從資本配置開始，我們在本季機會性地回購了 1.51 億美元的股票，與第二季相比僅增加了 5,500 萬美元，這體現了我們為股東提供持續資本回報的承諾。

We have $528 million remaining under our current repurchase authorization. And as we've stated before, we'll continue to return capital to shareholders while remaining committed to maintaining an investment grade credit profile.

目前的回購授權還剩 5.28 億美元。正如我們之前所說，我們將繼續向股東返還資本，同時繼續致力於維持投資等級信用狀況。

On the balance sheet, we ended the quarter with cash of $1.2 billion and gross debt of $2.9 billion and our Q3 net debt to adjusted EBITDA of approximately [1.1 times] remains a clear indication of the continued strength of our balance sheet.

在資產負債表上，本季末我們的現金為12 億美元，總債務為29 億美元，第三季淨債務與調整後EBITDA 比率約為[1.1 倍]，這仍然清楚地表明我們的資產負債表持續強勁。

Given the strength, we feel comfortable with a portion of our debt remaining current in the fiscal year. We have ample options refinancing as well as using proceeds from the expected separation transaction for repaying the current amounts. As of the end of Q3, approximately 37% of our debt was tied to floating rates on our weighted average interest rate was approximately 5%.

有鑑於實力，我們對本財年的部分債務仍保持流動狀態感到滿意。我們有充足的再融資選擇，以及使用預期分離交易的收益來償還當前金額。截至第三季末，我們約 37% 的債務與浮動利率掛鉤，加權平均利率約為 5%。

On the dividend front, we remain committed to growing our quarterly dividend. The Board has authorized a quarterly dividend of $0.29, an 11.5% year-over-year increase to be paid on August 23.

在股息方面，我們仍然致力於增加季度股息。董事會已批准於 8 月 23 日支付季度股息 0.29 美元，年增 11.5%。

Turning to slide 11. Given the solid execution thus far, we are narrowing our consolidated adjusted EPS outlook to a range of $7.85 to $8.05, representing 10% growth year over year at the midpoint. We expect fiscal 2024 adjusted EBITDA be near the lower end of the $1.54 billion to $1.585 billion range.

轉向投影片 11。我們預計 2024 財年調整後 EBITDA 將接近 15.4 億美元至 15.85 億美元範圍的下限。

This guidance incorporates Q3 adjusted EPS of $1.96 and approximately 27% adjusted effective tax rate for the remainder of this fiscal year. Additionally, this represents 13% EPS growth in the second half of fiscal year 2024 versus the year-ago period.

該指引包含了本財年剩餘時間內第三季調整後每股收益 1.96 美元和約 27% 的調整後有效稅率。此外，這意味著 2024 財年下半年每股收益較去年同期成長 13%。

Our expectation is that the ongoing positive momentum in our business will lead to increased revenue growth in fiscal year 2025 compared to our current levels. Once we close the separation transaction, we anticipate an immediate shift in our company's growth profile, positioning us solidly for higher growth and higher margins.

我們預計，與目前的水平相比，我們業務持續的積極勢頭將導致 2025 財年的收入成長加快。一旦我們完成分拆交易，我們預計公司的成長狀況將立即轉變，為我們實現更高的成長和更高的利潤奠定堅實的基礎。

As Bob mentioned earlier, the anticipated separation transaction close date is now in the second half of September 2024. As a result, we expect Q3 to be the last quarter in which the results of the separated businesses will be included in our continuing operations.

正如鮑伯之前所提到的，預計分拆交易的截止日期現在是 2024 年 9 月下半月。

Beginning next quarter, we expect our results for our continuing operations to reflect the new independent Jacobs. Historical results for independent Jacobs will be available following the close of the transaction. And lastly, we're excited to announce that we will be hosting an Investor Day for independent Jacobs on February 18, 2025, in Miami, Florida.

從下個季度開始，我們預計我們的持續經營業績將反映新的獨立雅各布斯的情況。獨立 Jacobs 的歷史業績將在交易結束後公佈。最後，我們很高興地宣布，我們將於 2025 年 2 月 18 日在佛羅裡達州邁阿密舉辦獨立 Jacobs 投資者日。

We look forward to sharing our long-term strategy as well as our financial target model with the investor community during this event. Additional details will be forthcoming, and we look forward to your participation.

我們期待在本次活動中與投資者群體分享我們的長期策略以及我們的財務目標模型。更多詳細資訊即將發布，我們期待您的參與。

And with that, now I'll turn the call back to Bob.

現在我將把電話轉回給鮑伯。

Thank you, Venk. In closing, we are invigorated as demand for our science-based digitally enabled solutions remains strong. With clients continuing to select Jacobs to address their most complex challenges. We are exceptionally well positioned to capitalize on the momentum in the critical infrastructure market, and we remain confident in our ability to grow market share and fulfill the needs of our clients across key sectors.

謝謝你，文克。最後，我們感到振奮，因為對我們基於科學的數位化解決方案的需求仍然強勁。客戶繼續選擇 Jacobs 來解決他們最複雜的挑戰。我們處於非常有利的位置，可以利用關鍵基礎設施市場的勢頭，我們對擴大市場份額和滿足關鍵行業客戶需求的能力仍然充滿信心。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Good morning, gentlemen, and welcome. Thank.

早安，先生們，歡迎光臨。感謝。

Thank you, Mike.

謝謝你，麥克。

Yeah. Maybe just first to talk about your improvement in the gross margins in the P&PS backlog that you reported this quarter, up 9%, maybe a characteristic of the mix impact. Is there any industries or end markets that have contributed more to that.

是的。也許先談談你們本季報告的 P&PS 積壓訂單毛利率的改善，成長了 9%，這可能是混合影響的一個特徵。是否有任何產業或終端市場對此做出了更大的貢獻？

And I guess as my follow-up, as you're looking towards fiscal 2025 and the pipeline, you have in a very strong book-to-bill you had how confident do you believe that you can show backlog in and that revenue organic growth moving ahead into 2025, given where your position is today with your backlog and pipeline?

我想，作為我的後續行動，當您展望 2025 財年和管道時，您的訂單出貨量非常強勁，您對顯示積壓訂單和收入有機增長有多大信心？狀況，是否會邁入2025 年？

Sure, Mike, maybe I'll address both. I'd say yes, the gross profit and backlog is definitely being positively affected by both two elements. One, our service mix and second, the end market sector mix. And so on the service mix, I mentioned a couple of times, we are really seeing a fundamental shift in our profile with regards to hire or in science-based consulting and advisory services.

當然，麥克，也許我會解決這兩個問題。我想說的是，毛利和積壓肯定受到這兩個因素的正面影響。一是我們的服務組合，二是終端市場部門組合。因此，在服務組合方面，我多次提到，我們確實看到我們在招募或基於科學的諮詢和諮詢服務方面的情況發生了根本性轉變。

And that's not only showing up in our results from a burn profile, but also in the backlog. The profile of the backlog is right now at a point in time, heavily weighted towards water as well as in advanced facilities, predominantly life sciences. And those two have a higher margin profile as well so both are having a positive effect on that.

這不僅體現在我們的燃燒曲線結果中，也體現在積壓工作上。目前，積壓的情況主要集中在水以及先進設施（主要是生命科學）。這兩家公司的利潤率也較高，因此兩者都對此產生了正面影響。

With regards to FY25, we're looking forward to potentially another strong Q4 backlog performance booking and backlog performance leading to confidence in our revenue growth in FY25. So definitely some nice tailwinds there.

關於 2025 財年，我們期待第四季度的積壓業績預訂和積壓業績可能再次強勁，從而增強我們對 25 財年營收成長的信心。所以肯定有一些不錯的順風車。

That's great. Bob, thank you.

那太棒了。鮑勃，謝謝你。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Hey, good morning, everyone.

嘿，大家早安。

Hi, good morning, Andy.

嗨，早安，安迪。

So Bob, Venk or Kevin, can you give us a bit more color into the guidance towards the lower end of your annual EBITDA range. You just said what changed versus last quarter. Obviously, your margin's been very good. So you're seeing delays in backlog burning, which is hurting your revenue and if anything else that you could give us in terms of color?

Bob、Venk 或 Kevin，您能否給我們更多關於年度 EBITDA 範圍下限的指導？您剛才說了與上季相比發生了什麼變化。顯然，你們的利潤率非常好。所以你看到積壓燃燒的延遲，這損害了你的收入，你是否可以在顏色方面給我們任何其他資訊？

Yeah, go ahead Venk.

是的，繼續吧，文克。

Yeah, Andy. Yeah, thanks for the question. So I'd say a few moving parts as it relates to the EBITDA performance. So obviously, from the standpoint of EPS, we came in kind of the midpoint of the range as we as we guided to now as far as the EBITDA is concerned, we did allude to the fact that there were a couple of segments that were weaker than we expected.

是的，安迪。是的，謝謝你的提問。因此，我想說一些與 EBITDA 績效相關的變動因素。顯然，從每股盈餘的角度來看，就 EBITDA 而言，我們目前處於該範圍的中點，我們確實提到了這樣一個事實，即有幾個細分市場較弱超出我們的預期。

One was obviously the CMS Cytec loss it was announced in the prior quarter and some of the devious delays that Bob alluded to in his opening script. But I would say at a higher level when you look at the difference between the EBITDA performance and the EPS performance.

其中之一顯然是上一季度宣布的 CMS Cytec 虧損，以及鮑勃在開場腳本中提到的一些不正當的延誤。但當你觀察 EBITDA 表現和 EPS 表現之間的差異時，我會在更高的層面上說。

Clearly, we had a little bit of a tax benefit that helped us on the EPS front. And then also, obviously, as you also know, we reported a pretty significant stock buybacks that reduced the share count as well. So I'd say the difference between the EBITDA and EPS, primarily due to those two items but what I would also point to is that if you look at the PPS backlog, we feel pretty good about where are our profile of that business is heading towards both from a revenue growth standpoint as well as a margin standpoint.

顯然，我們獲得了一些稅收優惠，這對我們的每股收益有所幫助。然後，顯然，正如您所知，我們報告了相當大的股票回購，這也減少了股票數量。因此，我想說的是 EBITDA 和 EPS 之間的差異，主要是由於這兩個項目，但我還想指出的是，如果您查看 PPS 積壓工作，我們對該業務的發展方向感到非常滿意從收入成長的角度和利潤的角度來看。

Very helpful. And then in Bob, Venk or Kevin, you kept the 13.8%-plus FY25 stand-alone margin guidance intact for now. But obviously, your people on places margins being much higher than expected so far this year.

很有幫助。然後，Bob、Venk 或 Kevin 暫時保持了 2025 財年 13.8% 以上的獨立利潤率指引不變。但顯然，今年到目前為止，你們的員工的利潤率遠高於預期。

So how do you think about that target at this point, could there be considerable upside to that target? And then when you think about [RemainCo] sales, I know you said you expect a pretty good year in next year. But any reason why you couldn't expect that sort of 6% to 9% growth for people in places, at least that you've been talking about?

那麼，您目前如何看待該目標？然後，當您考慮 [RemainCo] 銷售時，我知道您說過您預計明年會取得不錯的成績。但為什麼你不能期望某些地方的人口成長率達到 6% 到 9%（至少你一直在談論的）？

Yeah. So maybe the first one with regards to our competence going in FY25, Andy, that was the reason why we put the plus there was a moving parts right now with regards to the separation. So timing was another element that we wanted to consider performance has been solid.

是的。因此，也許第一個關於我們 25 財年的能力的問題，安迪，這就是我們為什麼加上現在關於分離的移動部件的原因。因此，時機是我們想要考慮效能穩定的另一個因素。

So I would just -- I'd characterize it as some tailwinds that we've got going into FY25 and we'll be really clear about that as we move into the next phase. But for competence overall. Andy remind me again, in the second half of the questions?

因此，我將其描述為我們進入 25 財年的一些順風車，當我們進入下一階段時，我們會非常清楚這一點。但對於整體能力而言。安迪再次提醒我，後半部的題目？

You've got Jacobs consulting, what have you, but how do you think about sort of the visibility toward the core infrastructure growth in '25?

你有 Jacobs 顧問公司，你有什麼，但你如何看待 25 年核心基礎設施成長的可見性？

Yeah. Sorry about that. So yeah, good visibility there during the quarter. We are strong tailwinds in water and advanced facilities in the areas where there was a little bit of maybe some slight, not the decay, but pause, I'd say in the UK with regards to transport in the election and then approval reprioritization of some shifts in the Middle East, specifically in Saudi. Those haven't gone away and now with the election in the UK as well as some clarity on programs moving forward in Saudi, those also service some positive tailwinds on a mix standpoint going into FY25.

是的。對於那個很抱歉。所以，是的，本季的能見度很好。我們在水利和先進設施方面擁有強大的順風，在這些地區，可能會有一些輕微的影響，不是衰退，而是暫停，我想說在英國，關於選舉中的交通，然後批准重新確定一些優先事項中東，特別是沙特的變化。這些因素並沒有消失，現在隨著英國大選以及沙烏地阿拉伯推進的計劃的一些明確性，這些因素也從進入 25 財年的混合角度提供了一些積極的推動力。

And if I could, I would say just in terms of just what we see ahead, clearly from a Q4 booking standpoint, there's still some good confidence about the strength of those bookings. But in terms of specifics, and we'll obviously provide you fiscal '25 guidance in the next earnings call, and then we look forward to providing a much more long-term guidance, both in terms of the revenue growth as well as our profitability profile when we have the Investor Day in February. Thank you for your questions.

如果可以的話，我想說的是，從我們對未來的展望來看，顯然從第四季度預訂的角度來看，人們對這些預訂的實力仍然有一定的信心。但就具體細節而言，我們顯然會在下一次財報電話會議中為您提供 25 財年的指導，然後我們期待在收入增長和盈利能力方面提供更長期的指導當我們在二月份的投資者日時進行簡介。謝謝您的提問。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Thanks. Good morning. I am not sure if this one would be something you would say for that Investor Day, but really just trying to think about what's the right framework for profit growth year over year and P&PS since Bob, you mentioned that you're going to accelerate the profitable growth.

謝謝。早安.我不確定您是否會在投資者日說這句話，但實際上只是想思考逐年利潤增長和 P＆PS 的正確框架是什麼，因為鮑勃，您提到您將加速盈利增長。

I mean, is the framework here any different than sort of the mid to upper single digit revenue growth and then some of this margin mix gets you to low double digit profit growth? Or is something more like mid-teens possible given that you are accelerating these large awards and some of the mixed dynamics?

我的意思是，這裡的框架與中上個位數的收入成長有什麼不同，然後這種利潤組合會讓你達到低兩位數的利潤成長？或者考慮到你們正在加速這些大型獎項和一些混合動態，是否有可能出現更像青少年的情況？

Yeah, I think it's early see, we're going to go through all of that in some details of, but we're really excited about the tailwinds that we see for FY25, specifically in all subsectors of the infrastructure market and advanced facilities, but we've remained very positive.

是的，我認為現在還為時過早，我們將詳細介紹所有這些內容，但我們對 25 財年看到的順風車感到非常興奮，特別是在基礎設施市場和先進設施的所有子行業，但我們仍然非常積極。

Okay. Fair enough. And then just to follow up on the corporate expenses, just kind of can you just give us an update on how much more clarity you have to that path of hitting the target rate that you have and maybe what the next couple of quarters you have embedded in there in that trajectory?

好的。很公平。然後，為了跟進公司支出，您能否向我們提供最新情況，說明您達到目標利率的路徑有多清晰，以及您在接下來的幾個季度中嵌入的內容在那條軌跡中？

Well, look, Steven, I think it's clear that we're going to have a different reporting structure has Venk highlighted once the transaction closes. So the numbers that you will see in the corporate line will start to change. And we're working through all the reporting segments and all that kind of information for the full year reporting.

好吧，史蒂文，我認為很明顯，一旦交易結束，我們將有一個不同的報告結構，Venk 強調了這一點。因此，您在公司產品線中看到的數字將開始改變。我們正在研究全年報告的所有報告部分和所有此類資訊。

So you may not see exactly the same number and going forward, but you will fundamentally on an apples to apples basis, that [$60 million we expect will trend down to $50 million] over time, they embedded into a consolidated result for the company.

因此，你可能看不到完全相同的數字，而且未來你會看到，從根本上來說，你會在同類的基礎上，隨著時間的推移，[我們預計6000 萬美元將下降到5000 萬美元]，它們會嵌入到公司的綜合業績中。

And so you may not see it broken out separately, but that's going to help drive towards that 13.8% EBITDA margin that was just asked going forward so we feel good about it. Some of that costs will have to be targeted after separation because we still have two businesses to run so or three, I should say with PA. And so more to come on that. But we feel confident about the necessary cost reductions that allow us to get to the 13.8% EBITDA margin.

因此，您可能不會看到它單獨細分，但這將有助於推動 EBITDA 利潤率達到剛剛要求的 13.8%，因此我們對此感覺良好。其中一些成本必須在分開後確定，因為我們仍然有兩個或三個業務要運營，我應該說是 PA。未來還會有更多這樣的事情發生。但我們對必要的成本削減充滿信心，這將使我們能夠實現 13.8% 的 EBITDA 利潤率。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great, thanks and good morning. You talked a little you mentioned a bit of a so the ongoing in the UK a little bit. Can you just maybe talk about just the flow of the projects you're seeing across some of the market, maybe particularly kind of the US and the UK, obviously, a lot of elections going on other puts and takes globally just in, is that trending in line with what you would have anticipated at the beginning of the year? Just any color there would be great.

太好了，謝謝，早安。你談了一點，你提到了一點，所以英國正在進行的一點。您能否談談您在某些市場上看到的專案流程，也許特別是美國和英國，顯然，全球範圍內其他看跌期權和採取的許多選舉正在進行中，是嗎？一致嗎？任何顏色都會很棒。

Yeah, a couple of comments let me start kind of with the US and then work my way around. I think in the US, the flow of bid activity and pipeline across infrastructure and advanced study that hasn't slowed. I'd say the burn rate of some of our US transport work has been a little slower from a burn standpoint, but the level of opportunities have been there in water.

是的，有幾則評論讓我從美國開始，然後再解決問題。我認為在美國，基礎設施和高級研究領域的投標活動和管道流動並沒有放緩。我想說，從消耗的角度來看，我們美國一些運輸工作的消耗速度要慢一些，但水方面的機會水準卻是存在的。

I would say globally, we have seen some real positive momentum, both on bookings as well as burn, and that's across all geographies US, Europe, to include the UK, Middle East and in our Asia-Pac and ANZ area. So water has been in that realm as well as advanced facilities, really driven by life sciences.

我想說的是，在全球範圍內，我們在預訂和燃燒方面都看到了一些真正的積極勢頭，這遍及美國、歐洲的所有地區，包括英國、中東以及我們的亞太地區和澳新地區。因此，水和先進設施已經進入這個領域，真正由生命科學驅動。

So I'd say that just the two areas that we saw as a part of the election in the UK, pause was transport water it kept going in the UK. And then reprioritization in in Saudi with regards to some of the event-driven cities oriented, work are moving more towards the time-based work like the expo or the airport or infrastructure that's going to be needed with a time element to that in 2026, leading to the expo in the people who walk up. So these are things that we're continuing to add optimism as we move into Q4 and beyond.

所以我想說，我們認為英國選舉的兩個領域暫停的是英國繼續進行的供水。然後，在沙特，針對一些以事件驅動的城市為導向，工作將更多地轉向基於時間的工作，如世博會、機場或基礎設施，這些工作將需要 2026 年的時間元素，通往世博會的人們走上來。因此，當我們進入第四季度及以後時，我們將繼續對這些事情感到樂觀。

Great. And then if I could maybe just follow up on the commentary around the water it's broadly heard that the demand in that space has been growing. Can you maybe just talk about your win rate in that space? Any particular areas within the broader water market where you might have been winning an outsized amount of work. And if I could you maybe just talk about the progress you've made with -- in terms of any opportunities that you might have secured?

偉大的。然後，如果我可以跟進有關水的評論，人們普遍聽說該領域的需求一直在增長。您能談談您在該領域的勝率嗎？更廣泛的水市場中您可能贏得大量工作的任何特定領域。如果可以的話，您也許可以談談您所取得的進展 - 就您可能獲得的任何機會而言？

Sure. so as far as what's driving it, clearly aging the aging infrastructure is a big piece that the pieces around combined sewer overflows and what's happening with regards to climate and some of the natural disasters that we're seeing. So I'd say that that's accelerating what's going on as well.

當然。就其驅動因素而言，顯然老化的基礎設施是合流下水道溢出的一個重要因素，以及氣候和我們所看到的一些自然災害正在發生的情況。所以我想說這也加速了正在發生的事情。

In the drinking water component, we are seeing an increase in PFS in addressing the PFAS regulations, specifically in the US, but also in Germany and in other locations, too. So that's all kind of dry having that just to quantify it.

在飲用水方面，我們看到 PFS 因滿足 PFAS 法規而增加，特別是在美國，而且在德國和其他地方也是如此。所以，光是為了量化它就有點枯燥了。

So but our pipeline in the in the water sector is up nearly 2x pertains to this time last year, and we are winning the majority of the work that we're going after. Hence, the real attention and focus on the growth.

因此，我們在水務領域的管道比去年同期增加了近兩倍，我們正在贏得我們正在從事的大部分工作。因此，真正的關注和關注是對成長的關注。

Andy Wittmann, Baird.

安迪‧魏特曼，貝爾德。

Okay, great. Thanks for taking my questions. I guess I just wanted to get a little clarification on the gross profit and backlog. I guess your total backlog was up 6% year over year and your gross profit and backlog was up 5.5%.

好的，太好了。感謝您回答我的問題。我想我只是想對毛利和積壓訂單進行一些澄清。我猜你們的總積壓訂單年增了 6%，毛利和積壓訂單成長了 5.5%。

And so that suggests that the overall backlog has a little bit lower margin in it. I guess we've already established that the P&PS segment margin is up. So I was wondering what the offsetting what segments they are and if you could talk about the mix in those and what occurred there.

因此，這表明總體積壓訂單的利潤率略低。我想我們已經確定 P&PS 部門的利潤率正在上升。所以我想知道它們是什麼部分的抵消是什麼，以及您是否可以談論這些部分的混合以及那裡發生的事情。

So we can understand the complexion there a little bit better. I think that would be helpful.

所以我們可以更了解那裡的膚色。我認為這會有幫助。

Maybe just I'll let Kevin kind of clarify the nuance within the backlog. And then I'll talk about kind of the profile as it pertains to the various end markets?

也許我會讓凱文澄清積壓工作上的細微差別。然後我將討論與各個終端市場相關的概況？

Yeah, looks. So what we're seeing is we've been talking about the growth profile and People & Places our top line wise, any being a little bit more muted because of effectively we're seeing more consulting science based tech technology, technical and consulting work that's happening in the backlog and the book-to-bill very strong book-to-bill is some other types of projects, which include lower margin work, which will, at the same time, create accelerated top line growth.

是的，看起來。因此，我們看到的是，我們一直在談論成長概況以及我們的營收方面的人員和地點，但由於我們實際上看到了更多基於科學的諮詢技術、技術和諮詢工作，因此任何內容都更加低調。

So it'll be a little bit a reduction in mix relative to the consulting piece versus our current levels. And in it at the end of the day, it's going to be quite positive because we'll still see, I think, incremental margin over time and people in places because we've proven our ability to do that.

因此，與我們目前的水平相比，諮詢部分的混合程度將會減少。歸根結底，這將是非常積極的，因為我認為，隨著時間的推移和人員的增加，我們仍然會看到增量利潤，因為我們已經證明了我們有能力做到這一點。

And we're going to see some accelerated growth as well associated with some of these larger, I'm going to call it projects that involve some program management and extended dollars being spent, which will include a little bit greater percentage of pass through revenue, which has more limited margin then than the high value consulting work that we do.

我們將看到一些加速成長，以及與其中一些較大的項目相關，我將其稱為涉及一些項目管理和擴展資金支出的項目，其中將包括更高比例的轉嫁收入，它的利潤比我們所做的高價值諮詢工作更有限。

Yeah. And Andy, maybe I'll just extend on that last thought that Kevin had. So then if you break that that you cited the consolidated numbers on the 6% and the 5.5% and gross profit, if you then translate that into P&PS, which relates to the last comment that Kevin made that gum that looks like more like 10% on the top line and 9% on gross profit. So you can kind of see the dynamic leaning towards PMPS. is growing at it much higher.

是的。安迪，也許我會延續凱文最後的想法。因此，如果你打破這一點，你引用了 6% 和 5.5% 以及毛利的綜合數據，如果你將其轉化為 P&PS，這與凱文最後發表的評論有關，看起來更像是 10%收入佔總收入的9%，毛利佔9%。所以你可以看到偏向 PMPS 的動態。正在以更高的速度成長。

Got it. Okay. Yes, but that actually makes sense. So I hope that's helpful. I wanted to also just get an update on Bob, just on some of the actions you're taking in preparation for the splits. I know you're looking at how your organization works and where the real cost centers are and the benefit centers are.

知道了。好的。是的，但這實際上是有道理的。所以我希望這有幫助。我還想了解鮑伯的最新情況，以及你為準備分叉而採取的一些行動。我知道您正在研究您的組織如何運作以及真正的成本中心和福利中心在哪裡。

Can you talk about anything that you've action to date that we should know about in terms of how you've changed your business model in anticipation, have that forthcoming split things that you're able to do now before able to actually effectuate that deal?

您能否談談您迄今為止採取的行動，我們應該了解您如何預期改變業務模式，以及在真正實現這一目標之前您現在可以做的即將到來的拆分事情交易？

Yeah, absolutely. So we really looked at a consolidated company what type of corporate needs are going to be needed on more of a homogenous corporate needs or a lot more synchronized across the across the world.

是的，絕對是。因此，我們確實研究了一家合併後的公司，需要什麼類型的企業需求，以實現更多同質的企業需求，或在世界各地更加同步。

So those movements to global business centers and in real streamlining of process protocols and Systematic enhancements, those have been taking place in real time from a business standpoint, we've already started to transition into optimizing on a lot of our cross-cutting capabilities, program management, digital enablement in other strong sales market, leading sales functions that will credit cost cut across the entirety of the company.

因此，從業務角度來看，這些向全球業務中心的轉移以及流程協議的真正簡化和系統增強都是實時發生的，我們已經開始過渡到優化我們的許多跨領域能力，專案管理、其他強大銷售市場的數位化支援、領先的銷售職能將削減整個公司的信貸成本。

So the geographic the [new] client facing entities with cross-cutting capabilities, that structure, it's almost like being in with the being the Olympic time right now, it's already in that zone where we're handing off the baton in that in that section, we're already off and running.

因此，面向具有跨領域能力的[新]客戶的地理實體，這種結構，幾乎就像現在正處於奧運會時期一樣，它已經處於我們正在交接接力棒的區域。

Bert Subin, Stifel.

伯特·蘇賓，史蒂菲爾。

Hey, good morning. Bob, maybe just to start with you some comments on the advanced facility side. It sounds like life sciences continued to be really strong. And you mentioned a data centers which are structured like this more of like a newer area for you guys in terms of that growing, I didn't hear the semi side.

嗨，早安。鮑勃，也許只是想先談談您對先進設施方面的一些評論。聽起來生命科學仍然非常強大。您提到了一個資料中心，其結構就像這樣，對你們來說，就成長而言，更像是一個較新的領域，我沒有聽到半方面的消息。

Can you just give some context on sort of what the mix there looks like? I mean, I know Intel reported and so they're taking down the CapEx. So like what the expectation is as we move through into maybe in the '25 for advanced facilities and how it's performing today?

您能否提供一些有關混音的背景資訊？我的意思是，我知道英特爾報道過，所以他們正在減少資本支出。那麼，當我們進入 25 世紀時，我們對先進設施的期望是什麼？

Sure. To specifically on the semi, Bert, we've been working on this for a while. So clearly, we do we do a lot of work for Intel, and that work is fundamentally on that CapEx program that they highlighted three or four years ago, we had substantially worked our way through that. And so the news that that's come out, it's got a minimal effect on us.

當然。特別是在半決賽方面，伯特，我們已經為此努力了一段時間。很明顯，我們確實為英特爾做了很多工作，這些工作基本上是在他們三、四年前強調的資本支出計劃上，我們已經在這方面做了實質性的工作。因此，這個消息的發布對我們的影響微乎其微。

The diversification of our services that we perform for Intel. It does those kind of ongoing sustaining capital work that we do around tool installs and retrofits and layout dependent type work that will continue. So but the good news is that our diversification into memory customers as well as other logic customers. They're are doing work in the US and in Europe.

我們為英特爾提供的服務多元化。它完成了我們圍繞工具安裝和改造以及將繼續進行的佈局相關類型工作所做的持續維持資本工作。因此，好消息是我們的業務多元化到記憶體客戶以及其他邏輯客戶。他們在美國和歐洲工作。

That's continued and we'll have hopefully some good news to share next quarter on that as well as some of the geographic expansion that's going on in places like India. And so we have some really positive momentum going on that front. So overall, we're still bullish on the sector and we'll continue to accelerate growth.

這種情況仍在繼續，我們希望下個季度能分享一些好消息，以及印度等地正在進行的一些地理擴張。因此，我們在這方面有一些非常積極的勢頭。因此總體而言，我們仍然看好該行業，並將繼續加速成長。

In the Life Sciences?

在生命科學領域？

And then on Life Sciences, yes, that's really going well, right now, and it's his problem. We have a lot of discussion around GLP-1. But what we're seeing is Alzheimer's and oncology drugs, it's still making a really big play. So the two big players that are in the GLP-1 sector that that is a big part of our work.

然後在生命科學方面，是的，現在確實進展順利，這是他的問題。我們圍繞 GLP-1 有很多討論。但我們看到的是阿茲海默症和腫瘤藥物，它仍然發揮著巨大的作用。 GLP-1 領域的兩大參與者是我們工作的重要部分。

But the new awards that are coming through, whether they be in the contract or contract manufacturing space or in these other players that are have got a really nice pipeline of drugs coming in to oncology as well as enough. And in Alzheimer's, those are those are that's really driving that optimism too.

但即將獲得的新獎項，無論是在合約或合約製造領域，還是在其他參與者中，都在腫瘤學方面擁有非常好的藥物管道，而且足夠多。對阿茲海默症來說，這些也是真正推動樂觀情緒的因素。

And Bert, if I could just having mostly come from the semiconductor sector, we do see this as a secular trend in terms of where the manufacturing footprint is and across different trends. So semiconductors in logic and memory, as Bob alluded to, and there's also a geographical shift that's happening.

伯特，如果我主要來自半導體行業的話，我們確實認為，就製造足跡和不同趨勢而言，這是一個長期趨勢。因此，正如鮑伯所提到的，邏輯和記憶體中的半導體，而且也正在發生地理變化。

So as we look at our portfolio, we have good confidence that we are pretty well diversified. And then just the scope of the opportunities in front of us are still pretty good. Now, obviously, any given quarter depends on what happens in the market, but I think we look at it from a secular standpoint, we feel pretty good about our semiconductor footprint.

因此，當我們審視我們的投資組合時，我們非常有信心我們的多元化程度非常高。而且我們面前的機會範圍仍然相當不錯。現在，顯然，任何特定季度都取決於市場發生的情況，但我認為我們從長期的角度來看，我們對我們的半導體足跡感覺非常好。

It's very helpful. I just a clarification there on the Bob, you'd mentioned the Fujifilm construction would start to what the Phase one was, I correct, ramped down in the first half. Is that expected to have any meaningful impact or the award sort of backfilling that?

這非常有幫助。我只是對鮑伯進行澄清，你提到富士膠片的建設將開始第一階段，我更正，在上半年逐漸減少。這是否會產生任何有意義的影響，或者獎項是否會對此有所回饋？

That's on the existing work? What we announced goes past that. So we're already on site doing Phase one. What I what my comment was around Phase one, Phase two is now just starting.

那是在現有的工作上嗎？我們宣布的內容超出了這一範圍。所以我們已經在現場進行第一階段。我對第一階段的評論是，第二階段現在才剛開始。

Got it. Okay. And just as a follow-up, I mean, there's been a lot of questions on sort of the spin off and sort of the dynamics there, you know, referencing unallocated corporate expense and some of the other things, I guess, Kevin or Venk, what are some of the dynamics we should be aware of assuming on that the spin-off closes in September, and we're going into the final quarter of the calendar year.

知道了。好的。我的意思是，作為後續行動，關於分拆和那裡的動態存在很多問題，你知道，參考未分配的公司費用和其他一些事情，我猜凱文或文克，假設分拆將於9 月結束，我們將進入日曆年的最後一個季度，我們應該注意哪些動態。

What are some things to be aware of just from what you know from a perspective on modeling that are going to change, obviously not looking for guidance or anything like that, but just some dynamics that maybe will art not fully appreciated.

從你所知道的建模角度來看，有哪些事情需要注意，這些事情將會發生變化，顯然不是在尋求指導或類似的東西，而只是一些可能不會被完全理解的動態。

Okay. So yeah, a couple of things. One, when we do the Q4 results, the full year results, I should say since we're closing in or before the fiscal year. And effectively, we will report on an independent Jacobs for the Q4 results and the full year results and reported on a historical basis as such as well.

好的。是的，有幾件事。第一，當我們公佈第四季度業績時，我應該說是全年業績，因為我們是在本財年或之前結束的。實際上，我們將報告獨立的 Jacobs 的第四季度業績和全年業績，並根據歷史基礎進行報告。

And all of the business sets included in the perimeter, which will be merged into the momentum of business that will be basically in assets held for sale. So you won't see that information. We have provided you guidance for the full year similar to how we've established it for the full year.

而所有包含在周邊的業務集，將合併到動力業務中，這些業務基本上將處於持有待售的資產中。所以你不會看到該資訊。我們為您提供了全年指導，類似於我們為全年制定的指導。

So assuming that it closes at the end of the year, all of those numbers that we just quoted could effectively be met, but you're going to actually see a lower number. And in the results just because some of it's now going to be because it's being put into equity directly as assets held for sale and you're going to be seeing the independent, Jacob.

因此，假設它在今年年底結束，我們剛才引用的所有這些數字都可以有效地滿足，但實際上你會看到一個更低的數字。在結果中，只是因為其中一些現在將直接作為待售資產投入股權，你將看到獨立人士雅各布。

So a lot of clarity will be providing to give you an understanding of what that looks like a Bert, when we do report Q4 results, but a lot of moving pieces, but kind of that's a very general view how you're going to be seeing our financials reported in Q4.

因此，當我們報告第四季度的結果時，將會提供很多清晰的信息，讓您了解 Bert 是什麼樣的，但有很多變化，但這是一個非常普遍的觀點，您將如何查看我們第四季度的財務報告。

Yes. Sorry, Kevin, just to add to what Kevin said of flow, in addition to what you said about our businesses obviously, momentum is going to have their Capital Markets Day in August 30. So we'll have some more color in terms of their business. And then as it relates to ours, will provide our guidance for all of fiscal '25 and our November earnings call, and I will talk about not only the revenue and our growth as well as the margin profile and then later on and during Investor Day will provide much more color about our long-term growth and up pretty modest.

是的。抱歉，凱文，我想補充凱文所說的流量，除了您所說的關於我們業務的內容之外，動力還將在8 月30 日舉行資本市場日。方面提供更多色彩商業。然後，因為它與我們的業務相關，將為我們整個 25 財年和 11 月的收益電話會議提供指導，我不僅會談論收入和我們的增長以及利潤率狀況，然後在投資者日期間談論將為我們的長期成長提供更多色彩，而且成長相當適度。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

Hi, good morning, I guess most of my questions have been answered, but Bob, just you know, thinking of Jacobs after the momentum spin and you're going to have a good balance sheet. Your cash flow generation has been fairly impressive.

嗨，早上好，我想我的大部分問題都已經得到解答，但是鮑勃，你知道，在勢頭旋轉之後想到雅各布斯，你將擁有一個良好的資產負債表。您的現金流量相當可觀。

And I'm just thinking about the growth in the margin that you're seeing in PP&S and PA Consulting. So just sort of wondering what your appetite would be for M&A, you know, with Jacobs after the spin, the attractive dynamics that are out there?

我只是在考慮 PP&S 和 PA Consulting 的利潤成長。所以只是想知道你對併購的興趣是什麼，你知道，隨著雅各布斯的旋轉，那裡存在著有吸引力的動力嗎？

And then any help you can give us in tour and sort of how we should think about them. I'm just wondering, in free cash flow conversion of the [remain] is a better story than the market anticipates. Thank you.

然後你可以在巡演中為我們提供任何幫助，以及我們應該如何考慮它們。我只是想知道，在[剩餘]的自由現金流轉換方面，情況比市場預期的要好。謝謝。

Sure. Maybe I'll take the first one, Jamie, and then Venk can talk about going forward what free cash flow free cash flow conversion looks like, but I think initially, we got a lot of options and our primary focus in the quarters that followed the separation is execution and performance and really driving that long-term margin growth profile.

當然。也許我會選擇第一個，傑米，然後文克可以談論自由現金流自由現金流轉換是什麼樣的，但我認為最初，我們有很多選擇，我們在接下來的幾個季度的主要關注點分離在於執行力和績效，並真正推動長期利潤成長。

We like the positioning that we're in in each of the end markets as well as geographies that we sell into. It's not like there's an imperative, but we need to do M&A in order to catalyse growth. We've got a great growth trajectory organically and so on. Proving that out, not even proving it out executing on the plan that we have right now, we've got a lot of confidence in past that period.

我們喜歡我們在每個終端市場以及我們銷售的地區的定位。這並不是說有必要，但我們需要進行併購以促進成長。我們有一個很好的有機成長軌跡等等。證明這一點，甚至不證明我們現在的計劃得到執行，我們對過去的那段時期充滿信心。

We've got I believe you said it yourself. We got a great balance sheet and we got a lot of options and it's a great place to be so much more to follow on that on free cash flow, let Venk talk about that.

我相信你自己也這麼說過。我們有一個很好的資產負債表，我們有很多選擇，這是一個很好的地方，可以在自由現金流方面進行更多的跟踪，讓 Venk 談談這一點。

Yeah. And just free cash flow. And just secondly, just to reiterate the point about capital allocation, just given what we see ahead of us in terms of the pipeline and the opportunities in front of us, I think the from a capital allocation standpoint, we we're strong believers in organic growth as the sources of capital.

是的。而且只是自由現金流。其次，重申一下關於資本配置的觀點，鑑於我們在管道方面所看到的以及我們面前的機會，我認為從資本配置的角度來看，我們堅信有機增長作為資本的來源。

Clearly, from the standpoint of the free cash flow generation and the balance sheet that we have, we do have the ability. Number one, we do want to continue to provide our fellow shareholders, the opportunity to get dividends, but also we do will be consistent in terms of buying our shares or repurchasing shares. And then M&A, as Bob mentioned, is also an option, but the next few quarters almost singular focus on execution.

顯然，從自由現金流產生和我們擁有的資產負債表的角度來看，我們確實有能力。第一，我們確實希望繼續為我們的股東提供獲得股息的機會，但我們在購買股票或回購股票方面也將保持一致。正如鮑勃所提到的，併購也是一種選擇，但接下來的幾個季度幾乎只專注於執行。

Now it has come to free cash flow conversion. Jamie, you rightly pointed out we've been generating pretty decent free cash flow. We said we'll be at over 100% free cash flow conversion for the remainder of the year. And as you deep dive into the P&PS business, which is big part of independent Jacobs, you can expect that free cash flow metrics improve over time. Again, we'll quantify it as we get closer to the date, but we feel pretty good about where we are and where we're going.

現在已經到了自由現金流轉換的階段。傑米，你正確地指出我們一直在產生相當可觀的自由現金流。我們說過，今年剩餘時間裡，我們的自由現金流轉換率將超過 100%。當您深入研究 P&PS 業務（這是獨立 Jacobs 的重要組成部分）時，您可以預期自由現金流指標會隨著時間的推移而改善。同樣，隨著日期的臨近，我們將對其進行量化，但我們對目前的情況和要去的地方感覺很好。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Yeah. Thank you so much for taking my questions. I guess most of them are answers. I'm going to limit myself to just one and are there any discrete deliverables from your side to close the momentum spin in the second half in the second half of September? Or is it just mostly just the paperwork that's taking time. Just wanted to get a sense of that?

是的。非常感謝您回答我的問題。我想大部分都是答案。我將僅限於一件事，你們方面是否有任何離散的可交付成果來結束 9 月下半月的勢頭旋轉？或只是大部分文書工作需要時間。只是想感受一下嗎？

All of the regulatory approvals on foreign investment, anti-trust, all of those kinds of things we've already worked through and all has been approved. The only remaining item is the IRS ruling on our private letter ruling that we're looking for, which confirms a view that our view that the transaction is tax-free to our shareholders, that's truly what's driving the timing at this point in time, we've been having great discussions with IRS more to come that we would expect to get that approval hopefully and over the next month or so and effectively that that positions for that second half of September close, where a lot of things to do with registration for SEC distribution of shares and so on and so forth. But Tom, really the only thing that we were looking for is the IRS ruling, and we feel confident about our credit.

所有關於外國投資、反壟斷的監管審批，所有這些事情我們都已經完成了，而且都已經獲得批准。唯一剩下的項目是美國國稅局對我們正在尋找的私信裁決的裁決，這證實了我們的觀點，即交易對我們的股東來說是免稅的，這確實是目前推動時機的原因，我們一直在與國稅局進行深入的討論，我們希望能夠在下個月左右獲得批准，並且有效地在9 月下半月結束，其中有很多事情需要進行登記用於 SEC 的股份分配等等。但是湯姆，實際上我們唯一想要的是美國國稅局的裁決，我們對我們的信用充滿信心。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

My question has to do with the top line growth rate of the PP&S business. I'm just trying to understand the trajectory of that as we exit '24 and going into '25. And so you're starting to kind of that like a mid-single-digit rate in 2Q. You've got some pretty solid bookings that you got in this quarter. And so I guess like will that be enough for the top line to get back into like that, like 6% to 9% target range?

我的問題與 PP&S 業務的營收成長率有關。我只是想了解當我們退出 24 年並進入 25 年時的軌跡。因此，第二季的利率將開始達到中等個位數。本季您獲得了一些相當穩定的預訂。所以我想這足以讓營隊收回到 6% 到 9% 的目標範圍嗎？

Yeah, the backlog performance, the bookings and backlog performance Chad has been really, really solid. In fact, the 1.53 we had to go back to see if that was a record in itself. So we're confident that we're going to be going into '25 with some really solid growth projections, which will be very clear about when we were typically.

是的，查德的積壓表現、預訂和積壓表現非常非常穩定。事實上，我們必須回去看看 1.53 本身是否是一個記錄。因此，我們有信心進入 25 年，並​​做出一些非常可靠的成長預測，這在我們通常的情況下會非常清楚。

So that's kind of on the on the financial and the lagging indicator. The answer is yes, on the leading indicator on the pipeline as well as where we sit in the markets where the pipeline is growing, the fastest water and advanced facilities being highlighted. That also gives us a lot of confidence to.

這就是財務和落後指標的情況。答案是肯定的，根據管道的領先指標以及我們在管道成長的市場中的位置，突出顯示最快的水和先進的設施。這也給了我們很大的信心。

So a short, a long way of answering your questions the answer is yes.

因此，從簡短、長的角度來回答你的問題，答案是肯定的。

Got it. And then just on that PP&S segment, again, on the operating margins, I guess at least on a year-to-date basis, you're running somewhere close to like 15%. And any reason like that why that can't continue.

知道了。然後，就 PP&S 細分市場而言，我想至少在今年迄今為止的基礎上，營業利潤率接近 15%。以及任何類似的原因導致這種情況無法繼續下去。

And then one more question for you on the 4Q bookings. I think, Bob, you mentioned that you're pretty optimistic about that pipeline for 4Q. Can you just give a little more detail on, do you think you can actually hit the [telco] greater than one times book-to-bill in the fourth quarter?

還有一個關於第四季度預訂的問題。我想，鮑勃，您提到您對第四季度的管道非常樂觀。您能否提供更多細節，您認為您實際上可以在第四季度使[電信公司]的訂單出貨比提高一倍以上嗎？

Yeah. So on the on our optimism around the P&PS margins and then how that will translate into go forward margins for the whole company?

是的。那麼，我們對 P&PS 利潤率的樂觀態度，以及這將如何轉化為整個公司的未來利潤率？

I think on slide 11, we did give some guidance on greater than 14.9%. So it probably highlights the optimism that we have on our current reporting structure with regards to that element. And then on Q4, a bit similar to last quarter Chad, I wouldn't make those comments unless we had already booked work in the in the 1st month of the quarter. So I can't quite announce those right now but yes, you'll see that when we report out on Q4.

我認為在投影片 11 上，我們確實給出了超過 14.9% 的一些指導。因此，這可能凸顯了我們對目前報告結構在該要素方面的樂觀態度。然後在第四季度，與上個季度乍得有點相似，除非我們已經在該季度第一個月預訂了工作，否則我不會發表這些評論。所以我現在還不能完全宣布這些，但是是的，當我們報告第四季時，你會看到這一點。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Good morning. I wanted to ask a little bit people employees of the profit growth that you folks have delivered and people in places over the past five years has been our 8% CAGR over the past three years, 1% CAGR. So as you folks think about that organic growth opportunity on a more focused Jacobs, can you just expand on that because the growth has already been, we attract them and people in places.

早安.我想問一些員工，你們在過去五年所實現的利潤成長是我們8%的複合年增長率，過去三年是1%的複合年增長率。因此，當你們考慮更專注的雅各布斯的有機成長機會時，你們能否擴大這一機會，因為成長已經存在，我們吸引了他們和其他地方的人們。

And so maybe give us a few threads that you'll expand on at Analyst Day and your expectations to continue to drive that level of growth or you think you can accelerate off of that level really strong performance that the business has delivered?

因此，也許可以給我們一些您將在分析師日展開的主題，以及您對繼續推動這種增長水平的期望，或者您認為您可以加速擺脫業務交付的真正強勁業績的水平？

Yeah, Jerry, we without giving any kind of quantifiable number on where that number is going. I would say that our pipeline where we're positioned in the end markets that we sit in today, and the tailwinds with regards to our bookings performance on that gives us a lot of optimism.

是的，傑瑞，我們沒有給出任何可量化的數字來說明該數字的去向。我想說的是，我們今天所處的終端市場的管道，以及我們的預訂表現方面的順風，讓我們非常樂觀。

And so in November and when we report out on the full year for independent Jacobs as well as going into February and along the way in between, we'll put a lot more clarity as well as quantify what that means. But overall, I think hopefully you're hearing some real optimism in our voices and in our performance and getting to exceeding the performance that we had for the last five years.

因此，在 11 月，當我們報告獨立 Jacobs 的全年情況以及進入 2 月及其間的情況時，我們將更加明確並量化這意味著什麼。但總的來說，我認為希望您能從我們的聲音和表現中聽到一些真正的樂觀情緒，並超越我們過去五年的表現。

That's a high bar. And can I ask in terms of just the moving pieces that you spoke about, Bob, around the UK election. Have you started to see now the best results? Have you seen an acceleration in activity levels? Or what's the history lesson on UK elections and the lag to when we start to see a booking reacceleration for your business?

這是一個很高的標準。鮑勃，我可以問一下你談到的有關英國大選的感人事件嗎？現在您開始看到最好的結果了嗎？您是否看到活動量有所加快？或者，關於英國選舉的歷史教訓以及我們開始看到您的業務預訂重新加速時的滯後是什麼？

Yeah, I'd say there's been an acceleration in the dialogue, right? And now those translating into those programs that were either paused or in anticipation of being put out to market, I think that's kind of the next phase. So over the course of the next 6 to 12 months, I think we'll see that interesting enough, Jerry, the water sector in the UK has not paused at all and so that that continues on.

是的，我想說對話已經加速了，對吧？現在那些轉化為那些已暫停或預計投放市場的程序，我認為這就是下一階段。因此，在接下來的 6 到 12 個月中，我認為我們會看到非常有趣的情況，傑瑞，英國的水務部門根本沒有暫停，所以這種情況會繼續下去。

And then with the PA, you think about this in the UK, specifically our as well as globally, PA has about a 50-50 private sector public sector mix in their business.

然後，對於 PA，您可以考慮在英國，特別是我們以及全球範圍內，PA 在其業務中約有 50-50 個私營部門和公共部門的組合。

The public, the private sector PA this quarter grew 11% year on year. And the fact that the public sector was kind of in this election selection pause. We see that kind of coming out as well, which gives us optimism not only in the Jacobs business, but in the PA business, too moving into FY25.

本季公共、私營部門PA年增11%。事實上，公共部門在這次選舉選擇暫停中扮演了一定角色。我們也看到了這種情況的出現，這讓我們不僅對 Jacobs 業務感到樂觀，而且對 PA 業務也感到樂觀，進入 2025 財年也是如此。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Thanks, Bob, Kevin and Venk. What is your forecast for on infrastructure stimulus in the US associated with the IIJA and the CHIPS, and is that contributing to your strong backlog? I know you highlighted some recent wins with water and also others a large multimodal transportation win, but what is your general expectations over the next few years in terms of the IIJA?

謝謝鮑勃、凱文和文克。您對與 IIJA 和 CHIPS 相關的美國基礎設施刺激計劃有何預測？我知道您強調了最近在水務方面的一些勝利以及其他大型多式聯運方面的勝利，但您對未來幾年對 IIJA 的總體期望是什麼？

Sure. Louie, thanks for the question. IIJA, I think these are industry numbers, so 60% appropriated, 30% spent. So yeah, there are there is work that said that that continues to flow right now. I think that the hurdle is 2026 said before, that's probably going to continue to go past 2026 as was discussions about a second IIJA, which we'll see where that goes within the congressional floor, but we are it is driving that, that backlog performance and in our conversion rate on that as well.

當然。路易，謝謝你的提問。 IIJA，我認為這些是行業數字，因此 60% 撥款，30% 支出。所以，是的，有一些工作表明現在仍在繼續。我認為障礙是之前提到的 2026 年，這可能會持續到 2026 年之後，就像關於第二次 IIJA 的討論一樣，我們將看到國會的討論結果，但我們正在推動這一點，積壓的工作性能以及我們的轉換率。

I will say this is that on the CHIPS Act, I'm sorry, one more comment on IIJA, IIJA the grant money, you can see that that's some of the work that we're seeing, not just in transport, but in water as well. CHIPS Act, those jobs that have received CHIPS Act money.

我想說的是，關於《CHIPS 法案》，我很抱歉，對 IIJA、IIJA 撥款還有一個評論，你可以看到，這是我們看到的一些工作，不僅在交通方面，而且在水方面以及。 CHIPS 法案，那些收到 CHIPS 法案資金的工作。

We've been involved with those numbers. Those were pretty much designed and already in the field and then received the funds just kind of next wave. We're on the front end of. And so I think that CHIPS Act money will continue to flow and represent a nice tailwind for us.

我們一直在關注這些數字。這些項目基本上都已經設計好了，並且已經投入使用，然後就在下一波浪潮中收到了資金。我們處於前端。因此，我認為《CHIPS 法案》的資金將繼續流動，對我們來說是一個很好的推動力。

And that concludes our question-and-answer session, and I will turn the conference over to Bob for closing remarks.

我們的問答環節就到此結束，我將把會議交給鮑伯做總結發言。

All right. Thank you, operator, thank you, everyone, for joining the earnings call. I look forward to providing further updates and visiting with investors and analysts in the months to come exciting times ahead and look forward to staying very open and transparent with the market as we move forward. Thank you.

好的。謝謝運營商，謝謝大家參加財報電話會議。我期待在接下來的幾個月裡提供進一步的最新消息，並拜訪投資者和分析師，並期待在我們前進的過程中對市場保持開放和透明。謝謝。

And this concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。